AXA Acquires Majority Stake in Prima

On November 28, 2025, AXA finalized the acquisition of a 51% majority stake in Prima, valued at €0.5 billion. This move aligns with the company's earlier announcement on August 1, 2025. AXA has entered into call/put options with minority stakeholders to potentially acquire the remaining stake by 2029 or 2030, depending on Prima's earnings.

As part of the deal, AXA anticipates recapturing business currently underwritten by third-party insurers in Italy and Spain, impacting its Solvency II ratio by approximately -6 points. The financial effects include both an immediate -4 point impact from the acquisition's cost and a further -2 points over time as AXA progressively integrates the captured premiums, pending regulatory approval.